Afternoon everyone….
I know that some of you panicked with the silver and gold destruction on Friday. Silver was down over 30% on the day going from $124 an ounce down to $85.
But fear not my grasshoppers…..
That was all a pre planned play, shaking out the weak on their silver long positions.
My buddy on the west coast sent me a snippet of a podcast that his company gets. These are private financial industry only. In it two things that you MUST take note of:
Samsung the biggest producer of electronics just signed a two year contract with "La Parrilla Silver Mine Complex" in Durango, Mexico for all of its silver production for the next two years. That is absolutely HUGE!!!
Why you might be asking? Because that is between 2.5 - 3 million ounces that will never see the market now. They are not the only ones either. Tesla is in negotiations with Antamina which is the largest and most productive silver mine in Peru. If this gets done that’s another 12 - 14 million ounces off the market as well.
If you haven’t been looking at on line dealers over the past few days. Then you don’t know that there really isn’t much silver to be bought. Almost everything being offered is on presale. Local coin shops have nothing to sell, and the dealers that have physical silver on hand are asking double digit dollar premiums. They range from $11-$15 an ounce premium for physical silver.
My buddy also told me that Chase bank froze all of there ATM’s for six hours today preventing anyone from taking funds. Your money isn’t yours !!!!
If you don’t hold it, you don’t own it…..
Got silver???
